This policy provides comprehensive cover for unforeseen and sudden physical loss or damage to the electronic equipment and data media. This damage must occur due to a peril that is not specifically excluded under the policy.
An Electronic Equipment Insurance policy provides protection against unforeseen events that cause the breakdown and physical damage of installed electronic equipment in a business.
It protects from incurring excessive expenses in the event that the equipment is damaged and data media has to be restored.
Every policy is different, but this is typically what is covered:
Repair or replacement of the equipment because of material damage
Loss of and restoration of data media, including data stored on the equipment
Increased cost of working as a result of damage to the equipment.
The owner or owners of the equipment
The business leasing the equipment
Jointly, where financial interest can be established for more than one party. For example, bankers’ financiers.